Match the Intangible Assets Described with Their Proper Classification (A-D)

question 68

Multiple Choice

Match the intangible assets described with their proper classification (a-d) .
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-A new kitchen gadget that can be produced by only one company

• A)Patent
• B)Copyright
• C)Trademark
• D)Goodwill

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Definitions:

Withdrawals

Refers to the act of taking money out of a bank account, or in the context of partnerships, amounts taken out by partners for personal use.

Expenses

Costs incurred by a business in the process of earning revenues, including utilities, rent, payroll, and materials.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the ownership interest in the company.

Beginning Assets

The value of all assets owned by a company at the start of a financial accounting period.